Step #11 Modified Spending Freeze: No Impulse Purchases

Impulse purchases are what get the majority of Americans in trouble with their finances. We are going to be working in a few more of the “wants” into your spending this month, but none of them are allowed to be impulse purchases. For the 21 days immediately following the Spending Freeze, you will need to think about something for 24 hours before you purchase it. This phase is called the Modified Spending Freeze.

Make a List. Check it Twice.
Create a second approved spending list for the Modified Spending Freeze. Go ahead and include some of the wants you’ve been avoiding purchasing since starting the Spending Freeze. However, the items must be on the list for 24 hours before you purchase them. This will help you avoid buying things you really don’t need (or could get by without) and haven’t completely thought through. Include things like clothing items your family may need, one lunch out per week (if your financial situation allows), gifts, and so forth.

Communicate
Make sure that you and your spouse are in agreement about what’s on the second approved spending list. Set a dollar amount that you have to get spousal “approval” on before it is spent. It could be $20 or it could be $200: The important thing is to choose a number appropriate for your own situation. Consider your net worth statement when approving big purchases. If you have considerable consumer debt, no amount of thinking or pre-planning makes certain purchases OK. Keep that in mind.

Consider Your Mood before You Shop
Everyone knows you’re not supposed to go grocery shopping when you’re hungry. My husband can attest to that – that could be why we have enough food in our pantry to live off for several months. I can also add: Don’t go shopping for scrapbooking supplies when you’re bored or go to Old Navy when need a pick-me-up. Of course most of these emotions are temporary, but the bills aren’t.

Good luck!

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i think this will be a lot easier for me at least.

after what i learned about my spending
and the net worth sheet
i am more determined than ever to get my butt outa debt!

no more frivalous shopping.. its not like i buy a lot each time i shop.
its a lttle here
and a little there..

thank you again kim! this has taught me so much!

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My choices yesterday create my today. My choices today create my tomorrow.

Forget the Joneses Holiday Boot Camp Blog

Oh good, 'cause I'm in the market for a pre-loved treadmill. Even if it's in the freeze, I know it's on the list.

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Mom to dd (age 9) and ds (age 11)
blogging daily about purpose and personal identity

As long as you can afford it, KathrynH!

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A 24 hour waiting period? This may kill my ADD husband!

this is much better... I can do this!

Since I am having to account for what I am spending (step 10) I am sure it will keep the wants at bay. If not my DH will see to it. He is finally loving this.

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A Family of 5's quest to forget the Joneses.

I'm determined too to get out of debt!!!! This step will greatly help me with the impusle spending, if I wait 24 hours and look at my new worth sheet I will change me mind.

I'm so glad I stumble on this web site it has help me considerably. Thank you, thank you, thank you.

I'm determined too to get out of debt!!!! This step will greatly help me with the impusle spending, if I wait 24 hours and look at my new worth sheet I will change me mind.

I'm so glad I stumble on this web site it has help me considerably. Thank you, thank you, thank you.

[Don’t go shopping for scrapbooking supplies when you’re bored or go to Old Navy when need a pick-me-up. Of course most of these emotions are temporary, but the bills aren’t. [/font]

Good luck!
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Haha...seriously..I'm glad to know we aren't weird! I mean how did you know that we actually do go shopping when we are bored and that Old Navy is the place to go when I "need" something new.

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Bekah
Co-founder and CEO of the NOVITZKE FAMILY INC.